Federal Parent PLUS Loan

The Federal Parent PLUS Loan is a federal student loan offered by the U.S. Department of Education, along with Federal Direct Student Loans, to help eligible students cover the costs of higher education. Unlike Federal Direct Student Loans, the parent is the loan borrowerThe borrower is the person legally responsible for repayment of a loan and who has signed the promissory note. and a credit check is required. The parent borrowerThe borrower is the person legally responsible for repayment of a loan and who has signed the promissory note. and student must both be U.S. citizens or eligible noncitizens and the student must be enrolled at least half-time in a degree program. Credit eligibility is based on the PLUS credit criteria, which is less stringent than the criteria used by most private lenders. But some borrowers may qualify for a lower interest rateA loan expense charged a borrower for the use of borrowed money. Interest is calculated as a percentage of the principal of the loan, which includes the original amount borrowed and any capitalized interest. by borrowing from a private credit-based lender. More information can be found on the Federal Student Aid website. If you would like to borrow a Federal Parent PLUS Loan, the student should submit the FAFSAThe Free Application for Federal Student Aid (FAFSA) is used to determine eligibility for state and federal grants, scholarships, and loans. The FAFSA can be completed on the Federal Student Aid website.. The parent borrowerThe borrower is the person legally responsible for repayment of a loan and who has signed the promissory note. should complete the Direct PLUS Loan Application. If the parent borrowerThe borrower is the person legally responsible for repayment of a loan and who has signed the promissory note. has not borrowed a PLUS Loan for this student in the past, or if they previously borrowed with an endorser, they must also complete a Parent PLUS Master Promissory Note (MPN).